Taxes Management Act 1970

[F1 12AB Partnership return to include partnership statement. U.K.

[F2 (1) Every return under section 12AA of this Act shall include a statement (a partnership statement) of the following amounts, namely—

(a) in the case of [F3 the period in respect of which the return is made and each period of account ending within that period]—

(i) the amount of income or loss from each source which, on the basis of the information contained in the return and taking into account any relief or allowance a section 42(7) claim for which is included in the return, has accrued to or has been sustained by the partnership for [F4 the period in question],

[F5 (ia) the amount of the consideration which, on that basis, has accrued to the partnership in respect of each disposal of partnership property during that period,]

(ii) each amount of income tax which, on that basis, has been deducted or treated as deducted from any income of the partnership, or treated as paid on any such income, for that period,

(iii) the amount of each tax credit which, on that basis, has accrued to the partnership for that period, and

(iv) the amount of each charge which, on that basis, was a charge on the income of the partnership for that period; and

(b) in the case of each such period [F6 as is mentioned in paragraph (a) above] and each of the partners, the amount which, on that basis and (where applicable) taking into account any such relief or allowance, is equal to his share of that income, loss, [F7 consideration,] tax, credit or charge.]

(2) Subject to subsection (3) below—

(a) at any time before the end of the period of nine months beginning with the day on which a person’s return is delivered, an officer of the Board may by notice to that person [F8 or a successor] so amend that person’s partnership statement as to correct any obvious errors or mistakes in the return (whether errors of principle, arithmetical mistakes or otherwise); and

(b) at any time before the end of the period of twelve months beginning with the filing date, a person may by notice to an officer of the Board so amend his [F9 or a predecessor’s partnership statement as to give effect to any amendments to the return in which it is included which he or a predecessor] has notified to such an officer.

(3) No amendment of a partnership statement may be made under subsection (2) above at any time during the period—

(a) beginning with the day on which an officer of the Board gives notice of his intention to enquire into the return, and

(b) ending with the day on which the officer’s enquiries into the return are completed.

[F10 (4) Where a partnership statement is amended under subsection (2) above, the officer shall by notice to the partners amend—

(a) their self-assessment under section 9 of this Act, or

(b) their company tax return,

so as to give effect to the amendments of the partnership statement.]

(5) In this section—

• “filing date” means the day specified in the notice under subsection (2) or, as the case may be, subsection (3) of section 12AA of this Act;

• “period of account”, in relation to a partnership, means any period for which accounts are drawn up;

• [F11 “section 42(7) claim” means a claim under any of the provisions mentioned in section 42(7) of this Act;]

• [F11 “tax credit” means a tax credit to which section 231 of the principal Act applies].]

Textual Amendments

F1 S. 12AB inserted (with effect in accordance with s. 199(2)(3) of the amending Act) by Finance Act 1994 (c. 9), s. 185; S.I. 1998/3173, art. 2

F2 S. 12AB(1) substituted (with effect in accordance with s. 103(7) of the amending Act) by Finance Act 1995 (c. 4), s. 104(7)

F3 Words in s. 12AB(1)(a) substituted (with effect in accordance with s. 121(8) of the amending Act) by Finance Act 1996 (c. 8), s. 123(5)(a)

F4 Words in s. 12AB(1)(a)(i) substituted (with effect in accordance with s. 121(8) of the amending Act) by Finance Act 1996 (c. 8), s. 123(5)(b)

F5 S. 12AB(1)(ia) inserted (with effect in accordance with s. 121(8) of the amending Act) by Finance Act 1996 (c. 8), s. 123(5)(c)

F6 Words in s. 12AB(1)(b) inserted (with effect in accordance with s. 121(8) of the amending Act) by Finance Act 1996 (c. 8), s. 123(5)(d)

F7 Word in s. 12AB(1)(b) inserted (with effect in accordance with s. 121(8) of the amending Act) by Finance Act 1996 (c. 8), s. 123(5)(d)

F8 Words in s. 12AB(2)(a) inserted (with effect in accordance with s. 121(8) of the amending Act) by Finance Act 1996 (c. 8), s. 123(6)(a)

F9 Words in s. 12AB(2)(b) substituted (with effect in accordance with s. 121(8) of the amending Act) by Finance Act 1996 (c. 8), s. 123(6)(b)

F10 S. 12AB(4) substituted (with effect in accordance with s. 117(4)(5) of the amending Act) by Finance Act 1998 (c. 36), Sch. 19 para. 4; S.I. 1998/3173, art. 2

F11 Words in s. 12AB(5) inserted (with effect in accordance with s. 103(7) of the amending Act) by Finance Act 1995 (c. 4), s. 104(8)